CEOs of medium-sized businesses (MSBs) and non-profit organizations alike face an unending (and unenviable) task: they must preside over impeccable standards of accounting if their operations are to remain free from reputational and financial damage.
In the US, for example, data from Charity Navigator shows that the public donates hundreds of billions of dollars to charitable organizations every year – and if that income is to be sustained, CEOs are absolutely obliged to ensure that the strictest standards of bookkeeping and accounting are always adhered to. If financial records are allowed to become inaccurate and reporting standards missed, serious reputational and financial damage to the entity concerned is just around the corner.
Yet despite its daily necessity, financial management is hardly a simple procedure. Crucial decisions rest upon accurate, up-to-date financial data being readily to hand upon request. Businesses and charitable missions can fail if those decisions are crafted on faulty premises.
Here, we will take a quick look at the daily complexities of manual accounting for MSBs and non-profits, before moving on to a highly efficient solution: advanced, automated accounting software that CEOs can depend on to make their own and their employees’ lives a good deal easier.
The toil of manual accounting
While motivations might differ, medium-sized businesses and non-profits often share a common purpose: they seek to make the world a better place via their products or services.
Non-profits, however, carry a more visible ‘moral’ burden: being reliant on grants and donations, they face unique financial challenges. To ensure that no hint of impropriety or carelessness with such monies arises, they must scrupulously know exactly how much money they have in hand at any one moment and be above the mildest reproach as far as remaining fully accountable to their donors and their own board is concerned. Maintaining detailed and accurate financial records is crucial to this end.
Both medium-sized businesses and non-profits also have a positive impact on the general economy, employing millions of people and generating billions of dollars in spending every year in the US alone. Admirable those these effects are, they also generate additional accounting tasks, like ensuring each employee’s federal income tax is properly deducted, social security contributions made, Medicare deductions, health insurance, and 401K’s deductions accurately and infallibly executed.
Keeping all this in order, keeping faultless track of grants and donations, of revenue generation, and billing beneficiaries and customers accurately, is an enormously laborious and time-consuming business for all employees charged with managing all this manually.
But there is a solution that will free human talent from tedious but necessary accounting chores to concentrate on more creative and growth-enhancing activities for the organization or business instead.
Let’s move on to a closer look at advanced new accounts software for non-profit organizations that MSB CEOs could capitalize on too – freeing their staff to concentrate on more humanly creative activities in the process, and making life easier and more fulfilling for all concerned.
Advanced accounting software designed for non-profits and medium-sized businesses
Instead of complex and messy paper trails, of multiple manual procedures (all of which are inevitably subject to human error), of precious human time being diverted into essential but tedious accounting chores, a subscription-based software solution is now to hand.
New offerings in the field of automating accounts software now mean that much easier and more holistic visibility over all the disparate processes is immediately available courtesy of a role-based digital dashboard which can be ‘pulled up’ instantly on a large conference room screen or on smaller individual connected devices for all authorized to view the accounting data it tracks in real time. This makes informed decision-making a much more immediate occurrence.
Accurate information delivered to decision-makers in real time has, of course, multiple applications, including demand forecasting based on real-time data – which has proven far more accurate than conventional ‘legacy’ methods using weighted averages and historic data.
For smaller businesses and non-profits, making accurate decisions about how and when to grow is of pivotal importance, not least because taking on additional staff on a wing and prayer is an extraordinarily risky option, as Forbes noted some years ago. Balancing the risk involved in such a move is the key to making the right decision and having an accurate picture of the organization’s financial standing is obviously a critical consideration – a consideration this kind of automating software simplifies by making the requisite data accurately available to all decision-makers whenever they need it.
An easier – but more productive – working life for all
Instead of a team of employees quietly groaning about the tedium and time-consuming toil of manual accounting processes, automating software makes life easier by eliminating all redundant data entry in the various processes, automatically routing and tracking all signoff approvals and transactions digitally, and making all financial data available to all approved decision-makers on an anytime, anywhere basis.
The result?
A more energetic, happier, and committed team, ready to advance the real mission of the organization.
What’s not to like?
Have you read?
Uplift at NEARCON 2022 – Taking Web3 To the Next Level by Irina Berezina.
The Only Happy Investor in the Room by Michael Peres (Mikey Peres).
Run a Medical Business? Patient Experience Should Be Your Highest Priority by Dr. Khuong Nguyen.
The Importance of Being a Wise and Mindful Leader by Dr. Ronald Alexander.
Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world.
The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: info@ceoworld.biz
